By Laura Lutz
Des Moines, Nov. 16 - AXS-One Inc. settled a $3.75 million series C secured convertible promissory notes with nine investors, according to an 8-K filing with the Securities and Exchange Commission.
The notes mature on May 29, 2009 and bear interest at 6% per year. They may be converted into common stock at a conversion rate of $1.00 per share.
The investors also received warrants for 3.75 million shares. The warrants are exercisable at $1.00 per share until Nov. 16, 2014.
Proceeds will be used for working capital.
Based in Rutherford, N.J., AXS-One provides software for records compliance management.
| Issuer: | AXS-One Inc.
|
| Issue: | Series C secured convertible promissory notes
|
| Amount: | $3.75 million
|
| Maturity: | May 29, 2009
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | $1.00
|
| Warrants: | For 3.75 million shares
|
| Warrant expiration: | Nov. 16, 2014
|
| Warrant strike price: | $1.00
|
| Pricing date: | Nov. 13
|
| Settlement date: | Nov. 16
|
| Stock symbol: | OTCBB: AXSO
|
| Stock price: | $0.50 at close Nov. 13
|
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